Oil held gains near $66 (Dh242.22) a barrel on signs of slowing growth in US crude production.
Futures in New York were steady after a 0.7 per cent rise on Friday. Working oil rigs in the US were unchanged at 869, according to data from Baker Hughes on Friday. While it’s the highest level in more than three years, the rig count has grown only by 10 since late May.
Oil has fallen about 11 per cent from the highs of late June as a trade war between the US and China and turmoil in Turkey threatens global economic growth and energy demand. Rising supplies have also weighed on prices with US output near a record-high and as the Organisation of Petroleum Exporting Countries and allies boosted production in July.
West Texas Intermediate crude for September delivery traded at $65.80 a barrel on the New York Mercantile Exchange, down 11 cents, at 8:52am in Tokyo. The contract climbed 45 cents to $65.91 on Friday. Total volume traded was about 58 per cent below the 100-day average.
Brent for October traded at $71.67 a barrel on the London-based ICE Futures Europe exchange, down 16 cents. The contract rose 40 cents to $71.83 on Friday. The global benchmark crude traded at a $6.60 premium to WTI for the same month.
Source: Gulf News